Saudi Arabia’s First Milling Company said that it planned to offer 30 percent of its share capital in an initial public offering (IPO), 16.65 million existing shares, the company said.
The company added that it plans to raise 266.39 million USD from its initial public offering (IPO) after it set the share price at the top end of a previously announced range.
Reports added that the company set the share price at 60 riyals. That would value First Milling Co at 3.33 billion riyals.
“We are honored by this strong vote of confidence from the diverse group of distinguished institutional investors and look forward to welcoming them into our shareholder base,” CEO Abdullah Ababtain said in a statement.
The retail portion of the offering will run from June 6-7, with the final share allocation scheduled for June 12 and a listing to be determined at a later date, according to the company.
The company was the first of several flour milling privatizations in Saudi Arabia, sold to Raha AlSafi consortium at $540 million in 2020.
The consortium was led by Saudi Arabian firm Almutlaq Group and included Al Safi, Abunayyan Holding and United Arab Emirates-based Essa Al Ghurair Investment, with investment bank Canaccord Genuity acting as financial adviser, according to the news report.
Data from Dealogic showed that companies from the Middle East raised some $21.9 billion through IPOs in 2022.
($1 = 3.7501 riyals)
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